Is There A Maximum Social Security Benefit Amount An Individual Can Receive?
Is there a maximum social security benefit amount an individual can receive? I thought I read that in 2020, the maximum social security was $3,145. Is that correct? I was concerned if that is the case because will be collecting my DCR in October 2022, and was given my estimated at $2,882 per month, that didn't include my 2021 earnings and Cola.
Hi. No, there is no fixed maximum Social Security benefit amount. The maximum possible benefit rate that a person could receive at any given time depends on their year of birth. Social Security retirement benefits . . . Read More
Category: Retirement Benefits
Posted: Sep 29 2021 - 7:27pm
Is It Best For Me To Wait Until FRA?
I am 65 years old and currently not working. I plan to wait until FRA at 66 and 4 months to file. My wife is 63 and eligible to file under her own account if necessary. Our 22 year old Down Syndrome son has been disabled since birth. My son receives payment under SSI currently.
Is it best for me to wait until FRA?
Can my wife file at the same time as I at 64 under her own account or as spouse?
Can we file all 3 at the same time?
Are we subject to Family Maximum Benefit rules?
Thank you for your help on this.
Hi. I can't tell . . . Read More
Category: Filing Strategies
Posted: Sep 29 2021 - 7:03pm
Is It Better To Take SS At Age 62 And Invest It, Or Wait Until Full Retirement Age?
I’m 61 and my wife is 59. We are financially in good shape with no need to take SS early for living expenses. We are both in good health, my wife still works, I’m retired from my business, but still manage and do maintenance on rental properties we own. We have no debt. My question, is it better to take SS early, 62, and invest that income or wait for full retirement.
Hi. This seems to be the question of the day. Here is a link to an article that Larry wrote on this topic: . . . Read More
Category: Filing Strategies
Posted: Sep 29 2021 - 8:04am
Is It Better For Me To Start Drawing At Full Retirement Age And Invest The Benefits Or Wait Until Age 70?
I qualify to collect my full age retirement benefit (age 66.2 years). I'm still working and don't need the SS income. The additional income will move me to the next federal tax bracket (I'm at 24% now). Is it better to collect and invest all the monies or wait until 70 for the additional 8% per year increase?
Hi. It sounds like it would likely be smart for you to wait until age 70 for a number of reasons. Here is a link to an article that Larry wrote on this topic: . . . Read More
Category: Filing Strategies
Posted: Sep 29 2021 - 7:32am
Is It Correct That My Mother In Law's Age 60 Widow's Benefit Would Be 71.5% Of My Father In Law's Reduced Benefit Rate?
Hello Larry and I look forward to purchasing your software as I try to assist my parents through a complicated situation in which my father is eligible for railroad retirement, Social Security retirement and my mother receives retirement from the Teacher Retirement System of Texas....
I'm actually inquiring about a more simple situation though.
Unfortunately, my father-in-law passed away, unexpectedly, this past Friday on his birthday (turned 67) and the family is reeling as you might imagine. Due to some poor advice he had received while briefly off work and . . . Read More
Category: Widow's Benefits
Posted: Sep 28 2021 - 6:27pm
How Do I Find Out If I Can Still Get My SSI Benefits?
My payee past away last year and ithey stop my SSI benefits and I just want to know if I still getting my SSI benefits so I can find a new payee
Hi. There's no way to get that information other than by contacting Social Security. Currently your only option is to call Social Security, and the best number to use is 800-772-1213.
Best, Jerry
Category: Miscellaneous
Posted: Sep 28 2021 - 2:33pm
Can My Wife File For Her Own Benefits Or For Spousal Benefits Age 62 And Switch To The Other Benefit Later?
I turn 70 in a few months and plan to begin my full SSI monthly payment then…My wife is over a decade younger…As it stands—and likely will continue—My full SSI payment at 70 will be > double hers at 70, let alone at 67 or 62…When she turns 62 in a few years can/should she begin taking her retirement then and then change to half of mine at age 67 or 70?…Or can/must she begin taking mine at 62 or 67 and then switch to hers at 70 if she’s trying to maximize her payment…As a busy Mother she unfortunately was home lots and couldn’t accrue the near maximal SSI payment I could and . . . Read More
Category: Filing Options
Posted: Sep 28 2021 - 2:13pm
Was My Payment Date Changed Because I Moved To A Foreign Address?
My SSDI payment just changed to the 1st of the month from the 4th Wednesday. Is this because I updated my address to a foreign address? I received my benefit on September 22nd and I am now scheduled to receive again on October 1st. I assume the 1st will continue to be my benefit payment date.
Thanks Chris
Hi Chris. Yes. Social Security benefits for people living in a foreign country are normally paid on the 3rd day of the month. The reason that your October payment is scheduled for the 1st is because the October 3rd falls on a Sunday. When a . . . Read More
Category: Benefit Payments Outside Of The U.S.
Posted: Sep 28 2021 - 7:28am
How Much More Is Social Security For An Individual?
How much more social security be for an individual?
Hi. I'm not sure what information you're looking for. I would need more information to be able to give you a meaningful answer. What I can tell you is that Social Security benefit rates are determined based on the average yearly earnings of the worker on whose record the benefits are paid. Basically, the more that a person earned in the years being averaged, the higher the benefit rate payable. A person's marital status doesn't affect the benefit rate that they could receive on their own account, . . . Read More
Category: Benefit Amount
Posted: Sep 28 2021 - 7:08am
Can I Apply Online To Switch From Spousal Benefits To Drawing My Own Benefits?
Hi Larry,
My DOB: 4/29/52. My wife's DOB: 5/10/49.
We were fortunate to sneak under the wire regarding changes made by the Bipartisan Budget Act of 2015 which allowed us to be grandfathered in and to pursue the claiming strategy I describe below.
At age 66 my wife "filed and suspended" on her RIB in order to establish a filing date and to earn DRCs on her earnings When she turned 70 she started receiving her maximum benefit.
At age 66 I submitted a "restricted application" for spousal benefits only and since then I've been collecting a monthly benefit . . . Read More
Category: Filing For Benefits
Posted: Sep 27 2021 - 8:30pm
